Budget Battles
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Coronavirus Will Cost US Economy Nearly $16 Trillion, CBO Says
The coronavirus pandemic will shrink U.S. economic output by $15.7 trillion over the next decade, or $7.9 trillion after adjusting for inflation, the Congressional Budget Office estimated on Monday...
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The Battle Over State Bailouts
By Michael RaineyStates are confronting massive budget shortfalls as tax revenues plunge and social safety net spending soars, but there’s no clear sense in Washington about how to approach the problem. Despite...
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Bipartisan Group of Lawmakers Wants Next Coronavirus Bill to Address Rising Debt
Congress is likely to pass another coronavirus relief bill at some point, but doing so may require addressing the mounting deficit concerns of a bipartisan group of lawmakers. A group of 60 House...
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$1,200 Checks? $450 Bonuses? The Latest on the Next Coronavirus Lifeline
Congress has provided a lifeline for millions of Americans hurt by the coronavirus pandemic, providing a boost to incomes via one-time direct payments and implementing a range of other emergency...
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Why US Incomes Jumped During the Pandemic
By Michael RaineyU.S. personal income rose by $1.97 trillion in April, the Commerce Department reported Friday. At 10.5%, it was the largest month-over-month increase on record – and it was driven almost entirely by...
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Trump Says He’ll Terminate US Relationship With WHO
By Michael RaineyAccusing the World Health Organization of protecting China during the coronavirus pandemic, President Trump said Friday that the U.S. would sever its relationship with the agency. “We will be today...
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House Votes to Relax Paycheck Protection Program Rules
The House on Thursday overwhelmingly approved bipartisan changes to give small businesses more time and flexibility in using emergency loans obtained through the Paycheck Protection Program meant to...
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Hunger Relief Program Falling Behind
By Michael RaineyCongress created an emergency food aid program in March that allows families to transfer the value of meals they would have received at school to electronic cards that can be used at grocery stores...
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Poll of the Day: Americans Oppose Wide Range of State Spending Cuts
This probably won’t come as a surprise, but a majority of Americans oppose their state government cutting spending on areas including K-12 public education, police and safety, Medicaid and social...
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Amtrak Says It Needs $1.5 Billion to Prevent Service Cuts in 2021
In a letter to Vice President Mike Pence and House Speaker Nancy Pelosi, Amtrak President and CEO Bill Flynn said that the passenger railroad service will need an additional $1.475 billion in funding...
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Most Publicly-Traded Companies Getting Small Business Aid Are Keeping It
By Michael RaineyMore than 80% of the publicly-traded companies that have received funds from the Paycheck Protection Program are sticking with the program, according to the market research firm FactSquared. Last...
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Another Relief Bill ‘Likely,’ McConnell Says
Senate Majority Leader Mitch McConnell (R-KY) said Tuesday that another round of coronavirus relief legislation is likely and may happen “in the next month or so,” but he again insisted that it will...
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Could the US Pay Companies to Leave China?
By Michael RaineyThe Trump administration is encouraging American companies to bring their production facilities back to the U.S. from China – and one top official claims that it will pay them to do it. "We welcome...
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Trump Administration May Support Back-to-Work Bonuses
Republicans have objected to extending the $600-a-week in extra unemployment benefits Congress provided as part of the CARES Act in March, arguing that the payments, which come on top of state...
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US Has Saved $429 Billion by Cutting Waste — and There’s Plenty More to Go: GAO
By Michael RaineyThe government could save billions of dollars by operating more efficiently in a wide range of areas, according to a new report from the Government Accountability Office. Wasting taxpayer funds is...